The price of oil shoots upward as Trump demands tolls in the Strait of Hormuz

Good morning. On Fortune’s radar today:

Markets: Mixed and fearful as the war in Iran heats up again.

Trump wants a toll booth in the middle of the Strait of Hormuz.

Gulf countries deploy workarounds to avoid the Strait.

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Oil spikes upward: Asian markets are largely up, but Europe and the U.S. go into the red

Oil rose about 12% to $86 per barrel and was continuing upward over the last 24 hours, but one question Wall Street is asking is: why not higher? Why not closer to $120, like at the beginning of the war? At the moment, traders are “showing reluctance to fully price back in another supply shock,” ING’s Francesco Pesole advised clients this morning.

S&P 500 futures were flat this morning. The index closed down 0.79% yesterday. 

In Europe, the Stoxx 600 was down 0.78% in early trading and the U.K.’s FTSE 100 was down 0.49% before lunch.

Asia: South Korea’s KOSPI was up 0.73%. Japan’s Nikkei 225 was up 0.74%. India’s Nifty 50 was down 0.68%. China’s CSI 300 was up 2.15%. 

Brent crude was $86 per barrel this morning.

Bitcoin rose to $62.6K.

Chart via TradingEconomics.com

No end in sight as Iran bombs tankers and Trump insists on a 20% toll on cargo in the Strait of Hormuz

The price of Brent Crude oil hit $86 per barrel this morning, up from $77 the day before, as traders realized the siege of the Strait of Hormuz will not end soon.

Iran hit two UAE tankers, plus U.S. sites in Jordan and Bahrain. The U.S. conducted a third night of strikes on the Iranian coastal cities of Bushehr, Chah Bahar, Jask, Konarak, Abu Musa, and Bandar Abbas, in hopes of degrading Iran’s ability to strike ships from the land-based sites. (Live coverage from the BBC here.)

In Yemen, the Houthis (an Iranian proxy group) bombed Saudi Arabia's Abha International Airport.

President Trump said he would reimpose a U.S. blockade of Iranian vessels in the waterway, and only allow ships through if they paid the U.S. “The U.S.A. will be, from this point forward, known as “THE GUARDIAN OF THE HORMUZ STRAIT,” but as such, and as a matter of FAIRNESS, will be reimbursed, at the rate of 20% on all cargo shipped,” he said on social media. The blockade will resume at 4 pm ET, Centcom said.

Context: A 20% toll would cost $32 million per tanker and add $16 to........

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